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TheDumDum

  • one year ago

Find the missing information Original value: 24,500 annual growth factor: 1.06 annual growth rate: time frame: 5 years new value:

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  1. amistre64
    • one year ago
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    might help to include what this pertains to

  2. TheDumDum
    • one year ago
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    liberal arts

  3. amistre64
    • one year ago
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    growth factor and growth rate are synonomous to me, so im not sure what the distinctions would be.

  4. amistre64
    • one year ago
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    is the rate in terms of money by chance?

  5. amistre64
    • one year ago
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    P(1+rate) where 1+rate is a factor to im assuming the rate is just the .06 part; say 6% ?

  6. TheDumDum
    • one year ago
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    I don't know I was absent for a week due to the flu and my teacher just gave me all this work and I don't no how to do it, I was hoping there would be a formula to this or something

  7. amistre64
    • one year ago
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    you should have some material that you study from, a textbook or something?

  8. amistre64
    • one year ago
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    im assuming here that factor and rate are related

  9. TheDumDum
    • one year ago
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    no we don't have one we take notes in class but I wasn't there to take notes cuz I was sick

  10. TheDumDum
    • one year ago
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    yes I think

  11. amistre64
    • one year ago
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    since the factor is: 1.06 and the factor can be written as: (1+ rate) would you agree that the rate is .06, or 6%?

  12. TheDumDum
    • one year ago
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    i might if i new how u got that answer

  13. amistre64
    • one year ago
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    ... 1 + ? = 1.06

  14. amistre64
    • one year ago
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    they give you the factor as 1.06 in the information already

  15. TheDumDum
    • one year ago
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    o ok that makes since lol sorry

  16. amistre64
    • one year ago
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    now the end solution depends on how we are determining the interest rate. simple interest and compounded interest are 2 different beasts. and give 2 different answers.

  17. TheDumDum
    • one year ago
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    ok im following you so which one do we use to find the new value

  18. amistre64
    • one year ago
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    dunno, its not stated in the post that you presented us. That information is prolly either part of the material from which you are spose to be studying from, or you skipped over it while typing in the question

  19. TheDumDum
    • one year ago
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    i typed the full question, but i have one side question to help me better understand this stuff, if the annual growth rate was 1% would that mean the annual growth factor is 1.01

  20. amistre64
    • one year ago
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    that would seem a reasonable assumption to me :)

  21. TheDumDum
    • one year ago
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    awesome

  22. TheDumDum
    • one year ago
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    ok well you have been a lot of help thank you for your time

  23. amistre64
    • one year ago
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    your welcome if you dont know the kind of interest; you can present both forms and ask the teacher which one it was talking about,

  24. amistre64
    • one year ago
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    simple interest is a simple formula: Prt just multiply the starting value by the rate and the time given. in your case: $*.06*5 = new value compound interest can be tricker;\[P(1+\frac rn)^{nt}\] r is the rate, n is the number of times a year the interests is adjusted, and t is the number of years since your problem gives an annual rate, I would assume n=1 in this case. \[P(1+.06)^5=new~value\]

  25. amistre64
    • one year ago
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    good luck :)

  26. TheDumDum
    • one year ago
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    ok thx again

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